1. Gilden’s Arts has produced this catalogue (below: ”The Catalogue”), listing the art objects offered for sale, in their order of appearance at the auction. This Catalogue contains a description and photograph of each item and two price estimates.
2. The buyer’s registration to participate in the auction constitutes confirmation that the buyer has read the conditions of this document and has agreed to them.
3. Before making a decision to purchase any item in the Catalogue, the buyer must carry out an independent examination of all the details concerning the item.
4. Participation in the auction is conditional upon receiving an auction paddle from the Gilden’s Arts.
5. A buyer who wishes to participate in the auction by telephone and/or by means of an authorized representative must contact Gilden’s Arts up to 24 hours before the auction and arrange the manner of participation in the auction and signature of the required forms.
6. A buyer who wishes to purchase an item without participating in the auction must complete and sign a bid form and deliver it to Gilden’s Arts before the day of the auction. Delivery of the bid form signed by the buyer shall be regarded as the buyer’s bid within the framework of the auction.
7. The auction shall be conducted by the auctioneer appointed by Gilden’s Arts.
8. The auctioneer may at any time add or remove an item from the auction and/or update the details concerning an item. All the updates shall be publicized on the day of the auction.
9. At the auctioneer’s strike of the hammer and declaration of the winning bid, the buyer whose bid has been declared the winner shall be regarded as having purchased the item at the price declared by the auctioneer (below: “the Winning Buyer” and “the Purchase Price”).
10. The Winning Buyer shall pay Gilden’s Arts the Purchase Price and in addition to the Purchase Price the Winning Buyer shall also pay Gilden’s Arts commission in the amount of 12,5%, not later then 5 business days from the day of the declaration of the buyer’s bid as the winning bid.
11. Delay in making payment shall oblige the winning buyer to pay interest at the rate of 2% per month, , without derogating from any right and/or relief available to Gilden’s Arts against the Winning Buyer because of delay in payment, which shall be regarded as material breach of the Winning Buyer’s obligations.
In the event the Winning Buyer has not yet fulfilled his obligations entirely within 14 days from the day of the auction, Gilden’s Arts shall be entitled to sell the item to another buyer, without derogating from any relief and/or right available to Gilden’s Arts due to the damage caused by the breach of the buyer’s obligations.
12. The Buyer must verify the authenticity of the item independently, and if he has proof that the item is a fake, he must furnish the Auction House with it within 30 days from the day of the auction and must at the same time return the item intact and in good order to the Auction House.
If the buyer’s allegation is proved to the satisfaction of the Auction House and he has returned the item as written above, he shall be entitled to receive back the consideration which he paid and any claims and/or demands by the buyer against the Auction House in this matter shall thereby be settled in a final and absolute manner. It has been made clear to the buyer and it is his duty to carry out the examination and to furnish proof of lack of authenticity at the time specified in this clause, as after such time the consideration shall be transferred to the seller and the Auction House cannot guarantee its return to the buyer.